REAL ESTATE AUCTION
"Security" Area - Baltimore County

SHOPPING CENTER
12,150± SF 1.163± Acres
Known as the "Windsor Center"

IDEAL 1031 EXCHANGE PROPERTY
100% LEASED $205,000 N.O.I.

Photos of auction property
FRONT VIEW      AERIAL - CLOSE UP      AERIAL - WIDE VIEW

Sale On Premises
2015 LORD BALTIMORE DRIVE
Off Security Boulevard, 2 Blocks West Of I-695 (Exit 17)
WINDSOR MILL, MD 21244

THURSDAY, JUNE 14 AT 11:00 A.M.

       NOTE: The information contained herein has been obtained from sources deemed reliable and believed to be accurate. However, no express or implied warranty is made as to the accuracy of these representations. Prospective purchasers are encouraged to consult with the appropriate government authorities regarding the permitted uses of the property and perform their own due diligence in advance of the auction. All dimensions and acreage contained herein are more or less.

GENERAL INFORMATION

LOCATION:

The Windsor Center is situated in a high traffic location, adjacent to Koons Ford, across the street from the Merritt Athletic Club, one block from the Security Square Mall and just minutes from the Social Security Complex and the new FBI Headquarters. The shopping center is located in a prime commercial area in western Baltimore County just east of Security Boulevard between I-695 and Rolling Road. The area is a mixture of retail, office and commercial uses.
Photos of auction property
ACROSS THE STREET      TOWARD SECURITY BLVD.

LOCATION MAP

For directions from your location, visit:
http://www.mapquest.com/directions/main.adp

SITE:

Attractively landscaped site that fronts 263.92' along Lord Baltimore Drive, has a rear lot line of 232.78' and depth lines of 196.4' and 212.0', or 1.1632 acres, all more or less.

SITE PLAN

Serviced by public water, public sewer and natural gas

Macadam paved parking area for approximately 60 vehicles
Photos of auction property
FRONT LOT      SIDE LOT

ZONING:

BM, business major. There are numerous permitted uses for the site.

For a list of permitted uses, visit:
Baltimore County Zoning Regulations

BUILDING
DESCRIPTION:
Brick and masonry buildings, constructed in 1980 (renovated in 2006 and 2007), comprising a total of 12,153 square feet, more or less. All tenant spaces are self contained. Each unit has it's own gas forced hot air heating system and central air conditioning (HVAC system). Ceilings are drop acoustical tiles with heights ranging from 10'-12'. The roof is in good condition and has all new coping, gutters and downspouts. The exterior of the building has new fascia and signage.

LOCATION SURVEY

BUILDING PLANS (pdf)
(Requires Acrobat Reader to view)
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MAIN BUILDING (Building 1) - comprises four tenant spaces with a total of 10,044 square feet, more or less.
Photo of
Suite A - (1,731 square feet) - Currently leased to the Jerusalem Market t/a Alquad's Market. Used as a Middle Eastern grocery store and carry-out restaurant. The suite has a retail sales area, kitchen area, walk-in refrigerator, storage rooms and rest room. There is a roof mounted gas fired unit with central air conditioning.
Photo of
Suite B/C - (3,361 square feet) - Currently leased to the Professional Arts Pharmacy. Completely renovated tenant suite (2007) large retail/pharmacy area, private office, storage room and 2 rest rooms. Two new (2007) gas fired units each with central air conditioning system and a new 50 gallon gas fired water heater.
Photos of auction property
FRONT VIEW      INTERIOR VIEW
Suite D - (2,190 square feet) - Currently leased to Re-Frame It. Completely renovated tenant suite (2006) used as a gallery and framing shop with sale and shop area, storage room and rest room. New (2005) split system with rooftop condensing unit and gas fired interior handler.
Photos of auction property
FRONT VIEW      INTERIOR VIEW
Suite E - (2,792 square feet) - Currently leased to Dog Kennels, LLC t/a Bark-N-Style. In process of renovation, and is being designed for pet grooming and a pet spa. New (2005) split system with rooftop condensing unit and gas fired interior handler.
Photo of
FREESTANDING BUILDING (Building 2)
Suite F/G - (2,109 square feet) - Currently leased to Lime LLC t/a Lime Deli - Used as a restaurant with dining areas, service counter, kitchen area and rest room. There is a roof mounted gas fired unit with central air conditioning.
Photo of

LEASE
INFORMATION:

Based on April 2007 lease information, the current annual rent roll is $200,263.52 with tenant pass through expenses of $29,480.52 or a total income stream of $229,744.46. Income projections for 2008 are projected at $207,443 with pass through expenses of $35,803 or a total income stream of $243,246. Actual expenses in 2008 are projected at $38,238 producing a projected net operating income (N.O.I.) of $205,008 for 2008.

Note: Certain rent concessions were made in 2007 for tenant build-outs. As of April 2007, all of the tenants were paying full rents per their lease agreements.

DOCUMENT
INSPECTION:

To view copies of all the leases and financial information including income and expense projections, contact A. J. Billig & Co. at 410-752-8440 or info@ajbillig.com to schedule an appointment.
*To have the information e-mailed to you, please complete and return the Confidentiality Waiver below (by fax or e-mail).
CONFIDENTIALITY WAIVER (pdf)

ENVIRONMENTAL
REPORT:

A "clean" ASTM Phase One Environmental Site Assessment Report is available for inspection by appointment only at the office of the Auctioneers

TITLE:

In fee simple; sold free and clear of all liens

BUILDING
INSPECTION:


By appointment only or at 10:00 a.m. on the day of sale.


TERMS OF SALE

       Deposit payable by certified or cashier's check of $75,000 will be required of the purchaser at time and place of sale. The deposit is to be increased to 5% of the purchase price within 24 hours at the office of the Auctioneers. Balance to be paid in cash within 45 days. If payment of the balance does not take place within the specified time, the deposit will be forfeited and the property may be resold at the risk and expense of the defaulting purchaser. Taxes and all other public charges and assessments, payable on an annual basis, including sanitary and/or metropolitan district charges, if any, to be adjusted for the current year to date of settlement and assumed thereafter by the purchaser. The property will be sold in "AS IS" condition, without express or implied warranty as to the nature and description of the improvements as contained herein; and subject to the rights of the existing tenants, easements, agreements, restrictions or covenants of record affecting same, if any. Purchaser assumes risk of loss from the date of sale forward. The purchaser waives and releases the Seller, the Auctioneers, and their respective agents, successors and assigns from any and all claims the purchaser and/or its successors and assigns may now have or may have in the future relating to the condition of the property, including but not limited to the environmental condition thereof. If the Seller is unable to convey good and marketable title, the purchaser's sole remedy in law or equity shall be limited to the refund of the deposit. Upon refund of the deposit this sale shall be null and void and of no effect, and the purchaser shall have no further claim against the Seller or Auctioneer. TIME IS OF THE ESSENCE.

NO BUYERS PREMIUM!

       NOTE: The Seller intends to perform an IRS §1031 tax deferred exchange. Seller requests Buyer's cooperation in such an exchange and agrees to hold Buyer harmless from any and all claims, liabilities, costs, or delays in time resulting from such an exchange. Buyer agrees to an assignment of the contract of sale by the Seller to Asset Preservation, Inc.

Broker participation is invited.
BROKER REGISTRATION FORM